I got my home owners insurance bill
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At least you can get home owners insurance. Article I read today said folks in LA can't get insurance because the insurance companies have had to pay large sums due to the number of tornados and floods. Many companies have pulled coverage out of the Cajun state citing huge losses.
I went into shock on my auto policy..and then had to start over 2 week's ago..quoting everyone fresh. My best deal between Geico, All-State, USAA and State Farm was to bundle with State Farm.. it still cost me $8300/year for 3 vehicles full coverage and my house . But I don't skimp on home policy especially on contents
Still..$8300 fuking dollars a year is ridiculous
We are paying for FBJs spending..the high cost of everything rolls into home/car insurance thru claims and replacement costs
Did I mention FJB?
Not since 2021 Limestone County is the new property.
Home owners shot way up last year so we switched to goose head from geico. Auto policy renewal came in last week and went up 50% for three cars. No tickets accidents or claims. Just switched from geico on the autos to progressive and that puts us back within about $40 of what we were paying previously for the year.
FJB
FJB
- Oct 7, 2015
- 3,684
- 96
My homeowners went up from last year by about 25%, but I also added a solar system on the policy.
My car insurance went up about 10% from last year. Just got the renewal notice today.
My car insurance went up about 10% from last year. Just got the renewal notice today.
That would be funny if that shite weren’t so true.
leVieux
TSRA/NRA Life Member
<>
The absurdly over-aggressive “Plaintiff Bar”, coupled with ignorant jurors, cause big losses.
.
Fishkiller
TGT Addict
Most insurance companies spread the pain to all customers. Flood and wind in flood and hurricane zones is awful. Same with EQ coverages. These policies are basically catastrophic coverages. Our last house was in a flood zone. Mortgage company made us get flood insurance. First year was $2,000 when we left 5 years later it was $3500 and we never had a claim.
Us too. Very happy with them, no increases.
And yes, FJB.
While I'd never defend biden or democrat policies, its not solely them causing the insurance premium spikes. While I work for an insurance carrier I don't really have an insider information but most people simply don't know how or why insurance carriers are increasing premiums so much over the last couple years and will continue to increase them bigly to come. As someone else pointed out; they're not in the business of losing money and increases in payout expenses are shared with all policy holders. By their very design they must make a profit.
Most carriers didn't raise premiums just before or during covid because they were simply paying out fewer claims as people weren't driving as much and being at home all the time they generally caught problems before they trashed the entire house. In fact, many of us got refund checks for auto policies and some homeowner policies because insurance can't just keep that money when they legally know they charged too much for the prior year. However, as people started driving more, leaving the house more, more claims were filed.
For cars, more miles with the combination that most cars couldn't be repaired due to parts shortages meant simple fender benders were totaling out cars as it would be more cost effective to "total it" than to pay for a repair, then pay for your rental car for 8 months when the parts finally came in. Additionally, as cars get more and more advanced, a fender bender means you're not just swaping out some sheet metal and painting it. Theres now 300 hidden plastic parts, sensors, safety equipment, air bags, and connected parts and you can only buy the whole assembly; not just the part actually damaged. So you guys are right in being upset not having a crash or ticket in 23 years but your car isn't as easy to repair as they were 23 years ago either and I think you'd demand a rental car while yours is being fixed no matter how long it takes. Not to mention the greedy jerks that want to pretend their Nissan is a Rolls Royce or a dented door means they have grievous injuries and are entitled to millions for being shaken up and sue for not getting their way. When I say insurance companies have a literal army of lawyers on retainer, its probably tens of thousands nationwide they have to pay 6-figures every year because of all the litigation.
For homeowners its a similar issue; look at your own home and its floor plan. Have a simple overflowed toilet in the hall powder room and realize that wood floor at $24 per square foot extends throughout all 2400 square feet of your house. 12 square feet of actual damages and you'll demand the wood floors all look the same throughout and you'll have to tear up the baseboards, paint the walls, move all the contents out of your house to a hotel, then hire the $50/hr repairmen to fix everything. Houses are simply much more expensive to repair now. The similarities continue where some people are in dire financial straights and pad their claim, commit fraud, and hire attorneys to sue to get as much as they can. My own personal experience with probably hundreds of examples where contractors and homeowners not just fabricate damages, but try to fool adjusters into paying for every single blemish and worn out item in their house and when they don't get their way complain knowing managers don't' want complaints and just pay the problem away. The most egregious example of this off the top of my head was a homeowner adamant before a heavy wind storm their house didn't have cracks in the drywall, broken floor tiles, or rotten siding. Turned into a 5 month long battle of hiring engineers, experts, and probably hundreds of man hours only for him to sue beginning a 2-year long lawyer letter writing campaign before the company gave up considering it more expensive to continue fighting and probably cheaper just to pay it. Sunk costs plus $150,000 just to get the guy to go away I still drive by his house seeing he never got the work done.
Additionally for storm, wildfire, and flood prone areas the contractors know thescam song and dance; every 5 years here in DFW just about every roof can display at least some hail damages so previously your $2000 premiums per year and you get a new roof on average 8 years, how much do they have to charge in premiums to break even on you? An average house roof or a hail claim can easily be $25,000 now. Just that math without any other statistical calculations means to break even on your home means they have to charge you $3,125 per year. Thats not even considering the ~$200 just to make your policy or ~$500 to send an adjuster to your house to investigate your claim.
tl;dr Cost of building materials has gone way up, cost of labor has gone way up. Consumers unwilling to take "no" or "not covered" as an answer.
Most carriers didn't raise premiums just before or during covid because they were simply paying out fewer claims as people weren't driving as much and being at home all the time they generally caught problems before they trashed the entire house. In fact, many of us got refund checks for auto policies and some homeowner policies because insurance can't just keep that money when they legally know they charged too much for the prior year. However, as people started driving more, leaving the house more, more claims were filed.
For cars, more miles with the combination that most cars couldn't be repaired due to parts shortages meant simple fender benders were totaling out cars as it would be more cost effective to "total it" than to pay for a repair, then pay for your rental car for 8 months when the parts finally came in. Additionally, as cars get more and more advanced, a fender bender means you're not just swaping out some sheet metal and painting it. Theres now 300 hidden plastic parts, sensors, safety equipment, air bags, and connected parts and you can only buy the whole assembly; not just the part actually damaged. So you guys are right in being upset not having a crash or ticket in 23 years but your car isn't as easy to repair as they were 23 years ago either and I think you'd demand a rental car while yours is being fixed no matter how long it takes. Not to mention the greedy jerks that want to pretend their Nissan is a Rolls Royce or a dented door means they have grievous injuries and are entitled to millions for being shaken up and sue for not getting their way. When I say insurance companies have a literal army of lawyers on retainer, its probably tens of thousands nationwide they have to pay 6-figures every year because of all the litigation.
For homeowners its a similar issue; look at your own home and its floor plan. Have a simple overflowed toilet in the hall powder room and realize that wood floor at $24 per square foot extends throughout all 2400 square feet of your house. 12 square feet of actual damages and you'll demand the wood floors all look the same throughout and you'll have to tear up the baseboards, paint the walls, move all the contents out of your house to a hotel, then hire the $50/hr repairmen to fix everything. Houses are simply much more expensive to repair now. The similarities continue where some people are in dire financial straights and pad their claim, commit fraud, and hire attorneys to sue to get as much as they can. My own personal experience with probably hundreds of examples where contractors and homeowners not just fabricate damages, but try to fool adjusters into paying for every single blemish and worn out item in their house and when they don't get their way complain knowing managers don't' want complaints and just pay the problem away. The most egregious example of this off the top of my head was a homeowner adamant before a heavy wind storm their house didn't have cracks in the drywall, broken floor tiles, or rotten siding. Turned into a 5 month long battle of hiring engineers, experts, and probably hundreds of man hours only for him to sue beginning a 2-year long lawyer letter writing campaign before the company gave up considering it more expensive to continue fighting and probably cheaper just to pay it. Sunk costs plus $150,000 just to get the guy to go away I still drive by his house seeing he never got the work done.
Additionally for storm, wildfire, and flood prone areas the contractors know the
tl;dr Cost of building materials has gone way up, cost of labor has gone way up. Consumers unwilling to take "no" or "not covered" as an answer.
I forgot to add too; if your home is paid off you certainly are entitled to "self insure" and simply not pay for any homeowners insurance. You simply have to be diligent about saving the premiums you otherwise would have paid for when something goes wrong with your house. I've always wanted to meet and talk with someone who pays off their house, cancels their policies, and have a non-snarky discussion with them about what happens in the event of something majorly catastrophic like a whole house fire, tornado, flood, or even your water heater letting loose damaging the entire first floor while you were away for the weekend? Instead of the aggravation, claim, and $5000 deductible, you're dealing with aggravation and eating the entire cost of the repairs while saving premium and deductible.
I should also point out homeowners policies give some liability coverage. Those are wild claims too where you have someone over, they don't notice the front step is a little crooked and a trip/fall happens. Homeowners pays for that, what happens if that houseguest is a jerk and decides to sue for $350,000 for a sprained wrist?
I should also point out homeowners policies give some liability coverage. Those are wild claims too where you have someone over, they don't notice the front step is a little crooked and a trip/fall happens. Homeowners pays for that, what happens if that houseguest is a jerk and decides to sue for $350,000 for a sprained wrist?
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